"I believe today's announcement is a very good outcome for Here, its customers and employees," Here President Sean Fernback said in a statement. "The new ownership structure of Here will allow us to accelerate our strategy, further scale our businesses, and fulfil our intent to become the leading location cloud company across industries."

"With this step we complete the latest stage of Nokia's transformation," CEO Rajeev Suri said in a statement.

Last month, Nokia announced the purchase of rival Alcatel-Lucent. Once that deal is complete, "Nokia will be a renewed company, with a world-leading network technology and services business, as well as the licensing and innovation engine of Nokia Technologies," Suri said.

Nokia sold its phone business to Microsoft last year, and while there were rumours recently about the company getting back into mobile, Nokia has said it will focus largely on design and licensing rather than producing phones itself.

About the Author

Stephanie began as a PCMag reporter in May 2012. She moved to New York City from Frederick, Md., where she worked for four years as a multimedia reporter at the second-largest daily newspaper in Maryland. She interned at Baltimore magazine and graduated from Indiana University of Pennsylvania (in the town of Indiana, in the state of Pennsylvania) with a degree in journalism and mass communications. See Full Bio